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EXHIBIT 11.1
HORIZON HEALTH CORPORATION
COMPUTATIONS OF EARNINGS PER SHARE
<TABLE>
<CAPTION>
THREE MONTHS NINE MONTHS
ENDED MAY 31, ENDED MAY 31,
---------------------------- ----------------------------
2000 1999 2000 1999
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<S> <C> <C> <C> <C>
BASIC
Net income $1,824,511 $1,710,414 $5,347,929 $5,115,811
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Weighted average shares outstanding (basic) 6,295,120 6,810,529 6,386,801 6,914,448
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Basic earnings per share $ .29 $ .25 $ .84 $ .74
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DILUTED
Net income $1,824,511 $1,710,414 $5,347,929 $5,115,811
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Weighted average shares outstanding (basic) 6,295,120 6,810,529 6,386,801 6,914,448
Effect of dilutive securities 206,546(1) 310,328(1) 254,348(1) 335,377(1)
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Weighted average shares outstanding (diluted) 6,501,666 7,120,857 6,641,149 7,249,825
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Diluted earnings per share $ .28 $ .24 $ .81 $ .71
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(1) During fiscal year 2000 and 1999, certain shares subject to options to
acquire common stock were not included in certain computations of EPS
because the options exercise price was greater than the average market
price of the common shares for the quarter. The computation for the
quarter ended May 31, 1999 excluded 138,816 shares subject to options,
with exercise prices ranging from $7.42 to $23.75. The computation for
the quarter ended May 31, 2000 excluded 775,337 shares subject to
options, with exercise prices ranging from $6.91 to $23.75. The
computation for the nine months ended May 31, 1999 excluded an average of
334,601 shares subject to options, with exercise prices ranging from
$7.42 to $23.75. The computation for the nine months ended May 31, 2000
excluded an average of 574,953 shares subject to options, with exercise
prices ranging from $6.91 to $23.75.
